CBI has launched an online property guide for business, urging UK companies to provide more attention to such a primary asset.
The guide says UK commercial property often comprises over a third of total business assets – while running costs can be the second highest cost after wages, and through lack of strategic awareness companies are losing billions of pounds on a yearly basis through inefficient use.
According to CBI, the guide aims to demonstrate how property can aid business performance and foster improvements to UK competitiveness, making it an essential business agenda for UK companies.
The guide provides examples of businesses optimise the use, cost and operational value of their property assets. It also illustrates the increasing regulatory influences which are helping property to become more prominent on the corporate agenda.
John Pike, chairman of the CBI Property Group, says: “Company boards must be aware of the costs, liabilities and responsibilities that are associated with their corporate estate and the impact that these can have on competitiveness."
Deloitte Real Estate expert and co-author of the guide, Martin Laws, adds: “Cost issues and changes in accounting standards mean property is increasingly moving beyond the realm of the property department and becoming a CFO issue.”
The guide can be found at www.cbi.org.uk/propertyIFAonline
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